Finance fears fail to stop the wealthy splashing out

YouGov suggested that affluent households may “find it difficult to stop” spending on luxuriesCULTURA/REXFEATURES

Affluent households are buying more luxury items but their confidence in the economy is falling.

According to the YouGov Affluent Perspective study, the proportion of households with an income of £100,000 or more who have bought luxury items in the past year increased to 69 per cent, from 56 per cent the previous year. But only 13 per cent of the households said they were confident in the global economy, a fall of three percentage points.

YouGov suggested that affluent households may “find it difficult to stop” spending on luxuries. Thirty-nine per cent agreed that “once you experience luxury, it’s hard to scale back” and 46 per cent thought that luxury was a “necessary purchase in a life full of concern and uncertainty”.

Despite that,…

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